upGrad Files Insolvency Petition Against Bira91 Maker B9 Beverages

UpGrad has submitted an insolvency petition against B9 Beverages Ltd, the parent company of Bira91, to the Delhi bench of the National Company Law Tribunal (NCLT). The filing, initiated under Section 9 of the Insolvency and Bankruptcy Code, cites outstanding dues of ₹1.02 crore.

This legal action adds to the significant financial strain faced by B9 Beverages. The company is currently involved in multiple creditor disputes, including a claim from Hindusthan National Glass & Industries Ltd for ₹11.8 crore. In response to these pressures, the NCLT has previously ordered the company to engage in mediation and prohibited it from disposing of its assets.

The firm has faced severe liquidity issues, leading to the departure of founder Ankur Jain from the board and executive management earlier this year. Control over the founder’s family stake has since been transferred to lender Anicut Capital. Financial reports for the 2024 fiscal year show a net loss of ₹748 crore, with auditors highlighting that current liabilities significantly exceed assets.

While the petition has been filed, it does not guarantee the initiation of insolvency proceedings; the NCLT must first verify that all statutory requirements are met. The brewer is currently working on a capital restructuring plan with existing investors and lenders to resolve its mounting debt and operational challenges.